Topic 1: Needs, wants and aspirations Flashcards Preview

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Flashcards in Topic 1: Needs, wants and aspirations Deck (5):
1

Why do people's wants and needs change?

Lifestyle
Society
Family
Age
Ability to afford products
Beliefs and attitudes

2

What are the internal factors that affect wants and needs?

Values (feelings towards goals), beliefs (Morality and fairness), attitudes (how a person acts) and preferences

3

External factors that affect wants and needs?

Marketing - adverts, Promotions, PR
Peer pressure - Influence perceptions
Trends & role models - "If Kim K has it, I want it"

4

What's the feedback effect?

How people feel affects what they do. If a person expects a share price to fall they might sell them, if enough people are told this the share value will fall.

5

Affordability definition

A person should review if the can afford certain financial products